Environmentally-friendly pesticides technology developer TyraTech Inc has raised £1.87m at 5p a share.
The share price held steady at 6.13p. The share price has risen by one-third since the announcement of the launch of the Vamousse head lice product range in Walmart in March. TyraTech will use £1m to support marketing for Vamousse and the rest will go on working capital and registering new products. The placing cost £170,000.
Management is optimistic that Vamousse can secure a significant share of the $150m a year head lice control market.
TyraTech has had a number of false starts and it is important that it makes a success of this opportunity. The cash that will be spent on marketing will help to create a market for the product.
The enlarged share capital will value TyraTech at £10.3m.
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